A mortgage is a primary way used in many countries around the world to finance a house or commercial property.

Although the terminology may vary from country to country, the basic idea is the same.
Some terminology we associate with a mortgage are the following.

The Borrower: the individual who borrows, because they have or are creating an interest in owning a property.

Interest: a financial charge for using the lenders money.

Repossession : essential to distinguish between a mortgage loan and any other loan. The lender has the option to repossess or seize the property under certain terms and conditions.

Most mortgages are regulated by the government, either directly through legal requirements or indirectly by regulating the banking industry.
Loans are generally made with a long term outlook, with most basic arrangements needing a fixed regular monthly payment over the course of 10 to 25 years depending on the local financial situation.